Doing some digging, I found a Newsarama interview with the writer of the Captain America Prequel Comic.
It does not exactly inspire confidence.
Nrama: There is the notion out there among fans that the role of Nazis might be downplayed in the movie.
Van Lente: It isn’t. Captain America: First Vengeance is chockfull of Nazis, particularly once we start getting into Johann Schmidt’s origin in chapters 3 and 4. They’re not downplayed. Schmidt runs an organization called Hydra, which starts as a part of the Third Reich power structure, and so therefore they are Nazis.
I can sort of see why people are like, they’re not seeing a bunch of guys in SS uniforms or Gestapo uniforms running around in the Super Bowl trailer— that’s because many of the Nazis in First Avenger wear Hydra uniforms.
It is not some kind of rewriting of world history. There are Nazis in the movie, I’ve read the script. It is not trying to pretend that the Nazis didn’t exist, or that World War II didn’t happen the way we all know it from history.
So...Captain America will be battling Hydra in World War II. "Many" of the enemies in the movie wear Hydra Uniforms. But it's okay because...they're actually Nazis?
That...isn't really cutting it for me. At the same time, I'll wait for more information before I condemn it.